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Liberty Global Reports Fiscal 2013 Results

DENVER --(Business Wire)--

Liberty Global plc ("Liberty Global" or the "Company") (NASDAQ: LBTYA,
LBTYB and LBTYK), today announces financial and operating results for
the three months ("Q4") and year ended December 31, 2013. Some of the
information below concerning Virgin Media relates to periods prior to
our ownership of the business. Please also note that we sold
substantially all of our content business on January 31, 2014 (the
"Chellomedia Sale"), and accordingly, we have presented the disposed
business as a discontinued operation for all periods presented.
Highlights for the full year compared to the same period in 2012 (unless
noted) include:

Organic RGU1 additions of 1.3 million, including 413,000 in
Q4, our best quarter of 2013

Combined2 rebased3 growth of 4% for both revenue
and Operating Cash Flow4

Combined Adjusted FCF5 increased 16% to $1.8 billion,
including over $800 million in Q4

Repurchased over $1.1 billion of equity in 2013, including
approximately $280 million in Q4

Mike Fries, Chief Executive Officer stated, "2013 was a watershed year
for Liberty Global. With the acquisition of Virgin Media, we
significantly enhanced our scale which now encompasses 47 million homes
passed and over 24 million unique customers. In January, we completed
the Chellomedia Sale for approximately $1 billion in net proceeds, and
we also reached an agreement to purchase Ziggo N.V. ("Ziggo"), the
largest cable operator in the Netherlands. The Ziggo acquisition will
create a nationwide footprint in one of our core markets and enable us
to provide Dutch consumers with even better broadband, video and voices
services. At the same time, we will be the leading challenger in mobile
and B2B."

"Adjusting to include Virgin Media results for all of 2013, our
full-year combined revenue and OCF would have been $17.3 billion and
$7.9 billion, respectively. Both figures represent rebased growth of 4%,
consistent with our medium-term targets for mid-single digit growth. Our
financial results without Virgin Media were even stronger in 2013, as we
delivered 5% rebased revenue and OCF growth. Our combined Adjusted FCF
was $1.8 billion, which represents a 16% increase compared to 2012,
consistent with our mid-teens free cash flow growth objective over the
medium term. Looking ahead to 2014, we expect accelerating rebased OCF
growth compared to 2013, and we expect to deliver Adjusted FCF of
approximately $2.0 billion for the full year.6"

"From an operating perspective, we delivered our third consecutive year
of more than one million organic subscriber additions, with 1.3 million
net new RGUs in 2013, including 413,000 in Q4, which was our strongest
quarter of the year. We continue adding value for our customers by
expanding our product offerings with our advanced digital TV platforms
and substantial increases in our broadband speeds. With Horizon TV
rolled out in four countries and TiVo in the U.K., we now serve 2.5
million next-generation video subscribers, representing 19% of our
digital TV base. In addition, our core bundles in most markets currently
feature broadband internet speeds ranging between 100-150 mbps, along
with maximum speeds between 200-500 mbps that even the most advanced DSL
services simply cannot match."

"We ended the year with our balance sheet in great shape while
continuing to focus on our levered equity growth strategy. During 2013,
we returned over $1.1 billion of capital to shareholders through stock
repurchases. In addition, we recently increased our buyback program by
$1 billion. Including this increase, we are authorized to purchase an
additional $3.5 billion under this program through the end of 2015. With
adjusted total liquidity7 of $7 billion and continued free
cash flow generation going forward, we are well positioned to continue
driving shareholder value through strong organic growth, stock
repurchases and the completion and integration of acquisitions."

Subscriber Statistics

At December 31, 2013, we provided our 24.5 million unique customers with
a total of 48.3 million subscription services (RGUs), consisting of 21.8
million video, 14.4 million broadband internet and 12.1 million
telephony subscriptions. During 2013, we grew our subscriber base by 39%
or 13.4 million RGUs through a combination of acquisitions, including
the Virgin Media acquisition in the United Kingdom ("U.K."), and 1.3
million RGUs from organic growth, including 413,000 additions in the
fourth quarter. We also increased our customer base by 4.7 million
during 2013 (inclusive of acquisitions) with double- and triple-play
bundled customers accounting for approximately 57% of our total
customers. We finished 2013 with a single-play customer base of 10.6
million customers, a number that represents a significant growth
opportunity.

Broadband internet and telephony gains drove our 2013 RGU organic
growth, as we added 867,000 broadband RGUs (including a record 270,000
in Q4) and 718,000 telephony RGUs (including 192,000 in Q4). We ended
2013 with broadband and telephony penetrations8 of 32% and
27%, respectively, which reflect increases from year-end 2012
penetrations of 29% and 23%, respectively.

We lost 294,000 video subscribers (including 50,000 in Q4) during 2013,
an improvement over our attrition rates in recent years. At December 31,
2013, we had 13.2 million digital video subscribers, which equates to
63% digital penetration. On that front, we continued the roll-out of our
next-generation video products, having reached a next-generation video
base of 2.5 million or approximately 19% of our digital TV base as of
the first week of February 2014. This includes 2.0 million TiVo
subscribers in the U.K. and 500,000 total Horizon TV subscribers across
our Dutch, Swiss, Irish and German markets.

Geographically, our 1.3 million organic subscriber additions in 2013
consisted of 849,000 RGUs in Western Europe, 256,000 RGUs in Central and
Eastern Europe ("CEE") and 186,000 RGUs in Latin America.9 Similar
to prior periods, our subscriber performance in Western Europe was
largely driven by our German and Belgian operations. In particular, our
German operation remained our flagship business, delivering 558,000 RGU
additions during 2013 (including 136,000 in Q4). Our Belgian operation,
capitalizing in part on new bundling promotions, added 146,000 RGUs
during 2013 (including 52,000 in Q4). Our annual subscriber growth in
this market represents the strongest result at Telenet since 2009 and
reflects a 54% increase over 2012 results. Beyond Europe, our operations
in Latin America delivered a strong performance, as we organically added
129,000 RGUs in Chile and 57,000 RGUs in Puerto Rico, which represents a
48% year-over-year increase for both operations combined.

In terms of mobile, Virgin Media accounted for approximately 3.0 million
of our 4.1 million total mobile subscriber10 base at December
31, 2013. On an organic basis, our Belgian and German mobile businesses
were our best performers, as we added over 225,000 and 100,000
subscribers, respectively, during the year.

Revenue

Our reported consolidated revenue increased by 71% to $4.5 billion and
46% to $14.5 billion for the three months and year ended December 31,
2013, respectively, as compared to the corresponding prior year periods.
The growth in both periods was primarily driven by the inclusion of
Virgin Media for approximately seven months and, to a lesser extent,
strong RGU growth fueled by broadband internet additions and positive
foreign currency ("FX") movements related to the depreciation of the
U.S. dollar against many of our underlying currencies. When adjusting to
neutralize the impact of acquisitions and FX, we achieved year-over-year
rebased revenue growth of 2% and 4% for the fourth quarter and full-year
2013 periods, respectively.

Geographically, we generated rebased top-line growth of 7% in Chile and
4% in Western Europe during 2013, while our rebased revenue was flat in
CEE as compared to the prior year. Our Western European operations,
which accounted for over 80% of our consolidated revenue, were led by
our operations in Belgium and Germany. In particular, our Belgian
business posted record rebased revenue growth of 10% on the back of
strong mobile and triple-play growth. Our German operations reported
rebased revenue growth of 7% during 2013, despite the loss of certain
public broadcaster carriage fees in 2013 as compared to the recognition
of $32 million of these fees during 2012. In addition, our Swiss
operation delivered 4% rebased growth during 2013, which was its
strongest annual performance since 2008.

Rounding out our five largest Western European operations, our U.K.
business posted rebased revenue growth of 1% on a reported basis (2% for
the full year including the pre-acquisition period), while our Dutch
business, faced with a tough competitive situation, experienced a
rebased top-line decline of 2% in 2013. At Virgin Media, solid reported
growth in our cable subscription revenue, helped by a price increase in
February 2013, was offset by continued pressure on Virgin Media's mobile
and business ("B2B") products.

Our 2013 rebased revenue growth for Liberty Global excluding Virgin
Media was 5%, while Virgin Media on a full-year stand-alone basis grew
2% (as noted above). Combining Liberty Global for the full 2013 period
and Virgin Media for the pre-acquisition period, our rebased revenue
growth for 2013 would have been approximately 4%.

Operating Cash Flow

For the three months and year ended December 31, 2013, our reported OCF
increased 65% to $2.1 billion and 40% to $6.7 billion, respectively, as
compared to the corresponding 2012 periods. The underlying reasons for
our OCF growth were consistent with the aforementioned revenue drivers
including the contribution from Virgin Media. Our rebased OCF growth was
2% and 3% for the three months and year ended December 31, 2013,
respectively. Our rebased growth in both periods was hampered by more
than $25 million of positive non-recurring items realized by Virgin
Media in Q4 2012 and, with respect to the full-year rebased growth rate,
an increase in net integration costs driven by the Virgin Media
acquisition.

Geographically, our Chilean and Western European operations generated
rebased OCF growth during 2013 of 15% and 4%, respectively, while our
CEE operations posted a decline of 3%, hindered by flat revenue as a
result of strong competition. Our strong performance in Chile was a
function of strong revenue and OCF growth in the core cable operations
and a significant decline in the OCF deficit generated by the mobile
business. Turning to Western Europe, we delivered 2013 rebased OCF
growth of 11%, 9%, 8% and 7% in our Irish, German, Belgian and Swiss
operations, respectively.

Offsetting these strong performances, our British and Dutch operations
reported rebased OCF declines of 1% and 5%, respectively, with Virgin
Media only included for approximately seven months. On a full-year
basis, our British business delivered rebased OCF growth of 3%, which
includes among other items, the impact of higher programming costs and
the negative impact of the previously mentioned non-recurring items in
Q4 2012. Although in Q4 we had our second consecutive sequential quarter
of improved local currency OCF in the Netherlands, we believe the Dutch
market will remain challenging in 2014.

Our consolidated OCF margins11 for the fourth quarter and
year ended December 31, 2013 were 46% and 47%, respectively, as compared
to 48% and 49% for the corresponding prior year periods. The annual
margin decline for both periods was due primarily to the inclusion of
Virgin Media. Excluding Virgin Media for both periods, our OCF margin
would have been 49% for Q4 2013 and 48% for full-year 2013.

Operating Income

As compared to the corresponding prior year periods, operating income
increased by 1% for each of the three-month and full-year periods ended
December 31, 2013, to $518 million and $2.0 billion, respectively. For
both periods, our OCF growth was largely offset by certain impacts of
the Virgin Media transaction, including increases in depreciation and
amortization expense, share-based compensation and impairment,
restructuring and other operating items. With respect to our full-year
2013 operating income, our results were also positively impacted by the
release of a $146 million litigation provision.

Net Earnings (Loss) Attributable to Liberty Global Shareholders

For the three months and year ended December 31, 2013, we reported net
losses attributable to Liberty Global shareholders ("Net Loss") of $121
million or $0.31 per basic and diluted share and $964 million or $2.87
per basic and diluted share, respectively. This compares to a Net Loss
of $331 million or $1.27 per basic and diluted share for the three
months ended December 31, 2012 and, including the positive impact of a
$924 million gain on the disposition of our Austar interest in Q2 2012,
net earnings attributable to Liberty Global shareholders of $323 million
or $1.21 per basic and diluted share for the year ended December 31,
2012.

At February 7, 2014, we had 393 million shares outstanding, as compared
to 395 million at October 31, 2013. These amounts do not give effect to
the impact of the share dividend of one Liberty Global Class C ordinary
share for each outstanding Class A, Class B and Class C ordinary share
that we announced in January 2014. We expect this share dividend to be
issued on March 3, 2014.

Property and Equipment Additions & Capital Expenditures

We reported $3.2 billion of property and equipment additions12 or
22% of revenue for 2013 as compared to $2.3 billion or 23% of revenue
for 2012. The increase in our reported property and equipment additions
was due principally to the inclusion of Virgin Media from the date of
acquisition. However, measured as a percentage of revenue, Virgin
Media's property and equipment additions were broadly consistent with
Liberty Global's average in 2013. If we include the 2013 pre-acquisition
period for Virgin Media, our combined property and equipment additions
would total approximately $3.8 billion or 22% of revenue.

We remain focused on optimizing our working capital position, including
the increased use of vendor financing and capital lease arrangements.
These arrangements, which accounted for $717 million and $310 million of
our property and equipment additions during 2013 and 2012, respectively,
are the primary reason that our capital expenditures13 are
lower than our property and equipment additions. In this regard, our
reported capital expenditures for 2013 and 2012 were $2.5 billion or 17%
of revenue and $1.9 billion or 19% of revenue, respectively. On a
combined basis for 2013 with Virgin Media included for the entire year,
our capital expenditures would have equated to approximately $3.0
billion or 17% of revenue.

Free Cash Flow & Adjusted Free Cash Flow

Our reported Free Cash Flow14 improved 27% to $1.1 billion in
2013, as compared to $885 million in 2012. Our Adjusted FCF, which
excludes costs associated with our Chilean wireless operation and
certain costs incurred in connection with the Virgin Media acquisition
as applicable, increased by 30% to $1.3 billion in 2013, including over
$800 million in Q4 2013. The year-over-year increase in both our 2013
FCF and Adjusted FCF was largely due to the contribution from Virgin
Media from the date of acquisition, in addition to our working capital
management efforts, including the positive net impact of our vendor
financing arrangements.

If we were to combine the Adjusted FCF of both Liberty Global and Virgin
Media for the full 2013 period, we would have reported combined Adjusted
FCF of $1.8 billion, a 16% increase over the combined figure for the
corresponding prior year period.

Leverage & Liquidity

At December 31, 2013, we had total debt15 and cash and cash
equivalents of $44.7 billion and $2.7 billion, respectively. As compared
to the third quarter of 2013, our reported debt increased by $700
million and our cash position increased by $495 million. The Q4
increases in both debt and cash balances were due in part to the
translation effect associated with a weakening U.S. dollar relative to
the euro and British pound. In addition, our improved cash position at
December 31, 2013 was due largely to the net effect of our Q4 free cash
flow generation partially offset by our Q4 share repurchase activity.

With respect to our leverage position at year end and after excluding
$2.4 billion of debt backed by the shares we hold in Sumitomo
Corporation and Ziggo, we had consolidated gross and net leverage ratios16
of 5.3x and 4.9x, respectively, consistent with our third quarter
levels. We finished 2013 with a fully-swapped borrowing cost17
of approximately 6.6%, as compared to 7.2% at year-end 2012. We continue
to take advantage of favorable market conditions by extending the
maturities of our outstanding indebtedness. For example, in Q4 we
refinanced existing 8.125% debt maturing in 2017 at Unitymedia KabelBW
and issued €475 million ($655 million) of 6.25% senior secured notes due
2029. As a result, at December 31, 2013, over 85% of our total debt was
due beyond 2017.

In January, we created a new credit group consisting of both our Chilean
cable distribution and wireless assets. In January of 2014 we issued
$1.4 billion of senior secured notes due 2024, and used the net proceeds
of the offering plus existing cash to repay approximately $1.7 billion
of outstanding indebtedness under the UPC Broadband Holding Bank
Facility, and extracted our Chilean distribution assets from the UPC
credit group. In addition, we announced in January that we are exploring
opportunities with respect to our Latin American operations including a
possible spin-off of those operations to our shareholders. The
evaluation of such opportunities is at a preliminary stage, and any
alternative pursued will be subject to approval by our Board of
Directors.

Our adjusted consolidated liquidity position at December 31, 2013 was
approximately $7.0 billion, including $2.7 billion of cash (as noted
above) and the aggregate maximum undrawn commitments under our credit
facilities18 of $3.3 billion, as adjusted to include the net
proceeds from the January 2014 Chellomedia Sale of approximately $1.0
billion. When the relevant December 31, 2013 compliance reporting
requirements have been completed for our credit facilities and assuming
no changes from quarter-end borrowing levels, we anticipate that our
subsidiaries' borrowing availability will be limited to $2.8 billion.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including our expectations with respect to our operating momentum and
2014 and future prospects, including our expectations for continued
organic growth in subscribers, higher rebased OCF growth, growth in
Adjusted FCF, the penetration of our advanced services, increased
broadband internet speeds and acceptance of our product bundles; our
assessment of the strength of our balance sheet, our liquidity and
access to capital markets, including our borrowing availability,
potential uses of our excess capital, including for acquisitions,
investments and continued share buybacks, our ability to continue to do
opportunistic refinancings and debt maturity extensions and the adequacy
of our currency and interest rate hedges; our expectations with respect
to the timing and impact of our expanded roll-out of advanced products
and services, including Horizon TV and, in the U.K., TiVo; our insight
and expectations regarding competitive and economic factors in our
markets, including the Netherlands, statements regarding the acquisition
of Ziggo, including the anticipated consequences and benefits of the
acquisition, the anticipated consequences and benefits of the Virgin
Media acquisition, the availability of accretive M&A opportunities and
the impact of our M&A activity on our operations and financial
performance, our expectations with respect to opportunities with respect
to our Latin American operations, including the timing and structure of
any resulting transaction and other information and statements that are
not historical fact. These forward-looking statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by these statements. These
risks and uncertainties include the continued use by subscribers and
potential subscribers of our services and their willingness to upgrade
to our more advanced offerings, our ability to meet challenges from
competition and economic factors, the continued growth in services for
digital television at a reasonable cost, the effects of changes in
technology, law and regulation, our ability to satisfy regulatory
conditions associated with acquisitions and dispositions, our ability to
achieve expected operational efficiencies and economies of scale, our
ability to generate expected revenue and operating cash flow, control
property and equipment additions as measured by percentage of revenue,
achieve assumed margins and control the phasing of our FCF, our ability
to access cash of our subsidiaries and the impact of our future
financial performance and market conditions generally, on the
availability, terms and deployment of capital, fluctuations in currency
exchange and interest rates, the continued creditworthiness of our
counterparties, the ability of vendors and suppliers to timely deliver
quality products, as well as other factors detailed from time to time in
our filings with the Securities and Exchange Commission including the
most recently filed Form 10-K. These forward-looking statements speak
only as of the date of this release. We expressly disclaim any
obligation or undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in our
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.

About Liberty Global

Liberty Global is the largest international cable company with
operations in 14 countries. We connect people to the digital world and
enable them to discover and experience its endless possibilities. Our
market-leading triple-play services are provided through next-generation
networks and innovative technology platforms that connected 24 million
customers subscribing to 48 million television, broadband internet and
telephony services at December 31, 2013.

Please see page 22 for the definition of revenue generating units
("RGUs"). Organic figures exclude RGUs of acquired entities at the
date of acquisition, but include the impact of changes in RGUs from
the date of acquisition. All subscriber/RGU additions or losses
refer to net organic changes, unless otherwise noted.

2

Combined rebased growth rates reflect the combination of our and
Virgin Media's revenue and Operating Cash Flow ("OCF") for the full
year and three months ended December 31, 2013 and December 31, 2012.
For additional information regarding rebased growth calculations,
see page 11.

3

Please see page 11 for information on rebased growth.

4

Please see page 14 for our OCF definition and the required
reconciliation. For the combined OCF reconciliation, please see page
17.

5

Please see page 17 for information on combined FCF and combined
Adjusted FCF.

Adjusted consolidated liquidity refers to our consolidated cash and
cash equivalents plus the maximum undrawn commitments under our
subsidiaries' borrowing facilities without regard to covenant
compliance calculations, as adjusted to include the net proceeds
received from the January 2014 Chellomedia Sale of approximately
$1.0 billion.

8

Broadband and telephony penetration are calculated by dividing the
number of broadband internet RGUs or telephony RGUs, respectively,
by the number of two-way homes passed.

9

Latin America includes our broadband communications operations in
both Chile and Puerto Rico.

10

Our mobile subscriber count represents the number of active
subscriber identification module ("SIM") cards in service rather
than services provided. For example, if a mobile subscriber has both
a data and voice plan on a smartphone this would equate to one
mobile subscriber. Alternatively, a subscriber who has a voice and
data plan for a mobile handset and a data plan for a laptop (via a
dongle) would be counted as two mobile subscribers. Customers who do
not pay a recurring monthly fee are excluded from our mobile
telephony subscriber counts after periods of inactivity ranging from
30 to 90 days, based on industry standards within the respective
country. Our December 31, 2013 mobile subscriber counts for the U.K.
and Chile include 1,111,100 and 26,000 prepaid mobile subscribers,
respectively.

11

OCF margin is calculated by dividing OCF by total revenue for the
applicable period.

12

Our property and equipment additions include our capital
expenditures on an accrual basis and amounts financed under vendor
financing or capital lease arrangements.

13

Capital expenditures refer to capital expenditures on a cash basis,
as reported in our condensed consolidated statements of cash flows.

14

Please see page 16 for information on Free Cash Flow ("FCF") and
Adjusted Free Cash Flow ("Adjusted FCF") and the

required reconciliations.

15

Total debt includes capital lease obligations.

16

Our gross and net debt ratios are defined as total debt and net debt
to annualized OCF of the latest quarter. Net debt is defined as
total debt less cash and cash equivalents. For purposes of these
calculations, debt excludes the loans backed by the shares we hold
in Sumitomo Corp. and Ziggo and is measured using swapped foreign
currency rates, consistent with the covenant calculation
requirements of our subsidiary debt agreements.

The $3.3 billion reflects the aggregate unused borrowing capacity,
as represented by the maximum undrawn commitments under our
subsidiaries' applicable facilities without regard to covenant
compliance calculations. When the relevant December 31, 2013
compliance reporting requirements have been completed for our credit
facilities and assuming no changes from quarter-end borrowing
levels, we anticipate that our subsidiaries' borrowing availability
will be limited to $2.8 billion.

Less cash and cash equivalents of discontinued operations at end of
year

(4.6

)

-

Cash and cash equivalents of continuing operations at end of year

$

2,701.9

$

2,038.9

Cash paid for interest:

Continuing operations

$

2,148.8

$

1,562.7

Discontinued operations

-

28.9

Total

$

2,148.8

$

1,591.6

Net cash paid for taxes:

Continuing operations

$

97.5

$

0.3

Discontinued operations

11.7

11.5

Total

$

109.2

$

11.8

Revenue and Operating Cash Flow

In the following tables, we present revenue and operating cash flow by
reportable segment of our continuing operations for the three months and
year ended December 31, 2013, as compared to the corresponding prior
year periods. All of our reportable segments derive their revenue
primarily from broadband communications services, including video,
broadband internet and fixed-line telephony services. Most of our
reportable segments also provide B2B services and certain of our
reportable segments provide mobile services. During the second quarter
of 2013, we began presenting our Belgium (Telenet) segment within our
European Operations Division as a result of our decision to change how
Telenet reports into our management structure. Segment information for
all periods has been retrospectively revised to reflect this change and
to present the disposed Chellomedia operations as a discontinued
operation. Unless otherwise noted, we present only the reportable
segments of our continuing operations in the tables below. For
additional information, see note 17 to the consolidated financial
statements included in our most recently filed Form 10-K.

At December 31, 2013, our operating segments in the European Operations
Division provided broadband communications services in 12 European
countries and DTH services to customers in the Czech Republic, Hungary,
Romania and Slovakia through a Luxembourg-based organization that we
refer to as "UPC DTH." Our Other Western Europe segment includes our
broadband communications operating segments in Austria and Ireland. Our
Central and Eastern Europe segment includes our broadband communications
operating segments in the Czech Republic, Hungary, Poland, Romania and
Slovakia. The European Operations Division's central and other category
includes (i) the UPC DTH operating segment, (ii) costs associated with
certain centralized functions, including billing systems, network
operations, technology, marketing, facilities, finance and other
administrative functions, and (iii) intersegment eliminations within the
European Operations Division. In Chile, the VTR Group includes VTR
GlobalCom, which provides video, broadband internet and fixed-line
telephony services, and VTR Wireless, which provides mobile services
through a third-party wireless access arrangement. Our corporate and
other category includes (a) less significant consolidated operating
segments that provide (1) broadband communications services in Puerto
Rico and (2) programming and other services primarily in Europe and
Latin America and (b) our corporate category. Intersegment eliminations
primarily represent the elimination of intercompany transactions between
our broadband communications and programming operations, primarily in
Europe.

For purposes of calculating rebased growth rates on a comparable basis
for all businesses that we owned during 2013, we have adjusted our
historical revenue and OCF for the three months and year ended December
31, 2012 to (i) include the pre-acquisition revenue and OCF of certain
entities acquired during 2012 and 2013 in our rebased amounts for the
three months and year ended December 31, 2012 to the same extent that
the revenue and OCF of such entities are included in our results for the
three months and year ended December 31, 2013 and (ii) reflect the
translation of our rebased amounts for the three months and year ended
December 31, 2012 at the applicable average foreign currency exchange
rates that were used to translate our results for the three months and
year ended December 31, 2013. The acquired entities that have been
included in whole or in part in the determination of our rebased revenue
and OCF for the three months ended December 31, 2012 include Virgin
Media, OneLink and two small entities. The acquired entities that have
been included in whole or in part in the determination of our rebased
revenue and OCF for the year ended December 31, 2012 include Virgin
Media, OneLink and five small entities. We have reflected the revenue
and OCF of the acquired entities in our 2012 rebased amounts based on
what we believe to be the most reliable information that is currently
available to us (generally pre-acquisition financial statements), as
adjusted for the estimated effects of (i) any significant differences
between Generally Accepted Accounting Principles in the United States
("GAAP") and local generally accepted accounting principles, (ii) any
significant effects of acquisition accounting adjustments, (iii) any
significant differences between our accounting policies and those of the
acquired entities and (iv) other items we deem appropriate. We do not
adjust pre-acquisition periods to eliminate non-recurring items or to
give retroactive effect to any changes in estimates that might be
implemented during post-acquisition periods. As we did not own or
operate the acquired businesses during the pre-acquisition periods, no
assurance can be given that we have identified all adjustments necessary
to present the revenue and OCF of these entities on a basis that is
comparable to the corresponding post-acquisition amounts that are
included in our historical results or that the pre-acquisition financial
statements we have relied upon do not contain undetected errors. The
adjustments reflected in our rebased amounts have not been prepared with
a view towards complying with Article 11 of Regulation S-X.In
addition, the rebased growth percentages are not necessarily indicative
of the revenue and OCF that would have occurred if these transactions
had occurred on the dates assumed for purposes of calculating our
rebased amounts or the revenue and OCF that will occur in the future.
The rebased growth percentages have been presented as a basis for
assessing growth rates on a comparable basis,and are not
presented as a measure of our pro forma financial performance.
Therefore, we believe our rebased data is not a non-GAAP financial
measure as contemplated by Regulation G or Item 10 of Regulation S-K.

In each case, the following tables present (i) the amounts reported by
each of our reportable segments for the comparative periods, (ii) the
U.S. dollar change and percentage change from period to period and (iii)
the percentage change from period to period on a rebased basis:

Revenue

Three months ended

Increase

Increase

December 31,

(decrease)

(decrease)

2013

2012

$

%

Rebased %

in millions, except % amounts

European Operations Division:

U.K. (Virgin Media)

$

1,665.0

$

-

$

1,665.0

N.M.

0.4

Germany (Unitymedia KabelBW)

675.1

615.4

59.7

9.7

4.6

Belgium (Telenet)

569.7

513.3

56.4

11.0

5.8

The Netherlands

319.0

314.4

4.6

1.5

(3.2

)

Switzerland

350.1

325.5

24.6

7.6

4.2

Other Western Europe

233.0

220.1

12.9

5.9

1.0

Total Western Europe

3,811.9

1,988.7

1,823.2

91.7

2.0

Central and Eastern Europe

292.8

285.9

6.9

2.4

0.4

Central and other

33.7

29.9

3.8

12.7

*

Total European Operations Division

4,138.4

2,304.5

1,833.9

79.6

1.9

Chile (VTR Group)

243.7

248.3

(4.6

)

(1.9

)

6.2

Corporate and other

93.4

74.6

18.8

25.2

*

Intersegment eliminations

(7.5

)

(7.5

)

-

N.M.

*

Total

$

4,468.0

$

2,619.9

$

1,848.1

70.5

2.1

Supplemental Information:

Total Liberty Global (excluding Virgin Media)

3.1

Year ended

Increase

Increase

December 31,

(decrease)

(decrease)

2013

2012

$

%

Rebased %

in millions, except % amounts

European Operations Division:

U.K. (Virgin Media) (a)

$

3,653.7

$

-

$

3,653.7

N.M.

1.1

Germany (Unitymedia KabelBW)

2,559.2

2,311.0

248.2

10.7

7.2

Belgium (Telenet)

2,185.9

1,918.0

267.9

14.0

10.3

The Netherlands

1,242.4

1,229.1

13.3

1.1

(2.2

)

Switzerland

1,332.1

1,259.8

72.3

5.7

4.4

Other Western Europe

898.7

848.4

50.3

5.9

2.6

Total Western Europe

11,872.0

7,566.3

4,305.7

56.9

4.1

Central and Eastern Europe

1,141.2

1,115.7

25.5

2.3

0.1

Central and other

130.4

117.0

13.4

11.5

*

Total European Operations Division

13,143.6

8,799.0

4,344.6

49.4

3.7

Chile (VTR Group)

991.6

940.6

51.0

5.4

7.4

Corporate and other

374.3

224.1

150.2

67.0

*

Intersegment eliminations

(35.3

)

(32.9

)

(2.4

)

N.M.

*

Total

$

14,474.2

$

9,930.8

$

4,543.4

45.8

3.9

Supplemental Information:

Total Liberty Global (excluding Virgin Media)

4.8

Virgin Media (for full period)

1.9

Combined (with Virgin Media for full period)

3.7

* - Omitted; N.M. - Not Meaningful

________________________

(a) Reflects the post-acquisition revenue of Virgin Media from June 8,
2013 through December 31, 2013.

Operating Cash Flow

Three months ended

Increase

Increase

December 31,

(decrease)

(decrease)

2013

2012

$

%

Rebased %

in millions, except % amounts

European Operations Division:

U.K. (Virgin Media)

$

686.6

$

-

$

686.6

N.M.

(3.9

)

Germany (Unitymedia KabelBW)

420.5

366.2

54.3

14.8

9.4

Belgium (Telenet)

257.3

227.3

30.0

13.2

7.8

The Netherlands

189.5

191.9

(2.4

)

(1.3

)

(5.8

)

Switzerland

206.1

185.2

20.9

11.3

7.7

Other Western Europe

121.1

110.0

11.1

10.1

5.1

Total Western Europe

1,881.1

1,080.6

800.5

74.1

2.0

Central and Eastern Europe

140.9

144.9

(4.0

)

(2.8

)

(4.5

)

Central and other

(58.6

)

(46.2

)

(12.4

)

(26.8

)

*

Total European Operations Division

1,963.4

1,179.3

784.1

66.5

1.0

Chile (VTR Group)

97.1

82.2

14.9

18.1

27.9

Corporate and other

(19.0

)

(24.5

)

5.5

22.4

*

Intersegment eliminations

10.7

9.7

1.0

N.M.

*

Total

$

2,052.2

$

1,246.7

$

805.5

64.6

2.3

Supplemental Information:

Total Liberty Global (excluding Virgin Media)

5.7

Year ended

Increase

Increase

December 31,

(decrease)

(decrease)

2013

2012

$

%

Rebased %

in millions, except % amounts

European Operations Division:

U.K. (Virgin Media) (a)

$

1,524.9

$

-

$

1,524.9

N.M.

(0.7

)

Germany (Unitymedia KabelBW)

1,541.1

1,364.3

176.8

13.0

9.3

Belgium (Telenet)

1,049.4

940.7

108.7

11.6

8.0

The Netherlands

721.7

737.1

(15.4

)

(2.1

)

(5.3

)

Switzerland

778.3

717.9

60.4

8.4

7.0

Other Western Europe

445.3

407.7

37.6

9.2

5.7

Total Western Europe

6,060.7

4,167.7

1,893.0

45.4

4.0

Central and Eastern Europe

548.5

555.1

(6.6

)

(1.2

)

(3.1

)

Central and other

(203.1

)

(161.6

)

(41.5

)

(25.7

)

*

Total European Operations Division

6,406.1

4,561.2

1,844.9

40.4

2.9

Chile (VTR Group)

353.6

314.2

39.4

12.5

14.9

Corporate and other

(63.8

)

(83.1

)

19.3

23.2

*

Intersegment eliminations

44.8

38.6

6.2

N.M.

*

Total

$

6,740.7

$

4,830.9

$

1,909.8

39.5

3.3

Supplemental Information:

Total Liberty Global (excluding Virgin Media)

4.5

Virgin Media (for full period)

3.4

Combined (with Virgin Media for full period)

4.1

* - Omitted; N.M. - Not Meaningful

________________________

(a) Reflects the post-acquisition OCF of Virgin Media from June 8, 2013
through December 31, 2013.

Operating Cash Flow Definition and Reconciliation

Operating cash flow is the primary measure used by our chief operating
decision maker to evaluate segment operating performance. Operating cash
flow is also a key factor that is used by our internal decision makers
to (i) determine how to allocate resources to segments and (ii) evaluate
the effectiveness of our management for purposes of annual and other
incentive compensation plans. As we use the term, operating cash flow is
defined as revenue less operating and selling, general and
administrative expenses (excluding share-based compensation,
depreciation and amortization, provisions and provision releases related
to significant litigation and impairment, restructuring and other
operating items). Other operating items include (a) gains and losses on
the disposition of long-lived assets, (b) third-party costs directly
associated with successful and unsuccessful acquisitions and
dispositions, including legal, advisory and due diligence fees, as
applicable, and (c) other acquisition-related items, such as gains and
losses on the settlement of contingent consideration. Our internal
decision makers believe operating cash flow is a meaningful measure and
is superior to available U.S. GAAP measures because it represents a
transparent view of our recurring operating performance that is
unaffected by our capital structure and allows management to (1) readily
view operating trends, (2) perform analytical comparisons and
benchmarking between segments and (3) identify strategies to improve
operating performance in the different countries in which we operate. We
believe our operating cash flow measure is useful to investors because
it is one of the bases for comparing our performance with the
performance of other companies in the same or similar industries,
although our measure may not be directly comparable to similar measures
used by other public companies. Operating cash flow should be viewed as
a measure of operating performance that is a supplement to, and not a
substitute for, operating income, net earnings (loss), cash flow from
operating activities and other GAAP measures of income or cash flows. A
reconciliation of total segment operating cash flow to our operating
income is presented below.

The following table1 details the U.S. dollar equivalent
balances of our third-party consolidated debt, capital lease obligations
and cash and cash equivalents at December 31, 2013:

Capital

Debt & Capital

Cash

Lease

Lease

and Cash

Debt2

Obligations

Obligations

Equivalents

in millions

Liberty Global and its non-operating subsidiaries

$

2,462.1

$

36.7

$

2,498.8

$

1,494.6

Virgin Media3

13,623.0

373.5

13,996.5

49.3

UPC Holding (excluding VTR Group)

13,417.4

32.4

13,449.8

645.4

Unitymedia KabelBW

7,701.4

952.0

8,653.4

18.7

Telenet

4,874.0

451.2

5,325.2

295.2

Liberty Puerto Rico

665.0

1.6

666.6

9.5

VTR Group4

113.1

0.9

114.0

162.8

Other operating subsidiaries

-

-

-

26.4

Total Liberty Global

$

42,856.0

$

1,848.3

$

44,704.3

$

2,701.9

Property and Equipment Additions and Capital Expenditures

The table below highlights the categories of our property and equipment
additions for the indicated periods and reconciles those additions to
the capital expenditures that we present in our condensed consolidated
statements of cash flows:

Three months ended

Year ended

December 31,

December 31,

2013

2012

2013

2012

in millions, except % amounts

Customer premises equipment

$

247.0

$

205.2

$

1,101.9

$

896.1

Scalable infrastructure

210.5

137.9

604.5

387.6

Line extensions

108.5

79.3

367.1

261.6

Upgrade/rebuild

138.4

85.4

434.6

350.5

Support capital & other

235.6

121.2

653.5

362.8

Property and equipment additions

940.0

629.0

3,161.6

2,258.6

Assets acquired under capital-related vendor financing arrangements

(207.5

)

(94.2

)

(573.5

)

(246.5

)

Assets acquired under capital leases

(34.7

)

(17.6

)

(143.0

)

(63.1

)

Changes in current liabilities related to capital expenditures

(7.3

)

(93.5

)

36.4

(80.7

)

Capital expenditures5

$

690.5

$

423.7

$

2,481.5

$

1,868.3

Property and equipment additions as % of revenue

21.0

%

24.0

%

21.8

%

22.7

%

Capital expenditures as % of revenue

15.5

%

16.2

%

17.1

%

18.8

%

_________________________________

1

Except as otherwise indicated, the amounts reported in the table
include the named entity and its subsidiaries.

2

Debt amounts for UPC Holding and Telenet include senior secured
notes issued by special purpose entities that are consolidated by
each.

3

Represents cash and cash equivalents held by the Virgin Media
Borrowing Group, which includes Virgin Media Investment Holdings
Limited and certain other subsidiaries of Virgin Media, Inc. as
borrowers and guarantors. The $519 million of cash and cash
equivalents of Virgin Media, Inc., which is not a part of the
Virgin Media Borrowing Group, are included in the amount shown for
Liberty Global and its non-operating subsidiaries.

4

Of these amounts, VTR Wireless accounts for $113 million of the debt
and $133 million of the cash of the VTR Group.

5

The capital expenditures that we report in our consolidated
statements of cash flows do not include amounts that are financed
under vendor financing or capital lease arrangements. Instead, these
expenditures are reflected as non-cash additions to our property and
equipment when the underlying assets are delivered, and as
repayments of debt when the related principal is repaid.

We define free cash flow as net cash provided by our operating
activities, plus (i) excess tax benefits related to the exercise of
share-based incentive awards and (ii) cash payments for third-party
costs directly associated with successful and unsuccessful acquisitions
and dispositions, less (a) capital expenditures, as reported in our
consolidated statements of cash flows, (b) principal payments on vendor
financing obligations and (c) principal payments on capital leases
(exclusive of the portions of the network lease in Belgium and the duct
leases in Germany that we assumed in connection with certain
acquisitions), with each item excluding any cash provided or used by our
discontinued operations. We also present Adjusted FCF, which adjusts FCF
to eliminate the incremental FCF deficit associated with the VTR
Wireless mobile initiative and certain financing and other costs
associated with the Virgin Media acquisition. We believe that our
presentation of free cash flow provides useful information to our
investors because this measure can be used to gauge our ability to
service debt and fund new investment opportunities. Free cash flow
should not be understood to represent our ability to fund discretionary
amounts, as we have various mandatory and contractual obligations,
including debt repayments, which are not deducted to arrive at this
amount. Investors should view free cash flow as a supplement to, and not
a substitute for, GAAP measures of liquidity included in our
consolidated statements of cash flows. The following table provides the
reconciliation of our continuing operations' net cash provided by
operating activities to FCF and Adjusted FCF for the indicated periods:

Excess tax benefits from share-based compensation represent the
excess of tax deductions over the related financial reporting
share-based compensation expense. The hypothetical cash flows
associated with these excess tax benefits are reported as an
increase to cash flows from financing activities and a corresponding
decrease to cash flows from operating activities in our consolidated
cash flow statements.

7

Represents costs paid during the period to third parties directly
related to acquisitions and dispositions.

8

Represents costs associated with the Virgin Media acquisition
consisting of (i) cash paid of $84.5 million related to the
pre-acquisition costs of the new Virgin Media capital structure,
including $64.7 million paid in Q4 representing the interest expense
that accrued during the pre-acquisition period on acquisition debt
that we incurred in February 2013, and (ii) cash paid of $12.5
million during the second quarter of 2013 for withholding taxes
associated with certain intercompany transactions completed in
connection with the Virgin Media acquisition.

The combined amounts presented below have been included in this release
to provide a means for comparison. The Liberty Global amounts presented
below are on a reported basis, including Virgin Media for the
post-acquisition period from June 8, 2013 to December 31, 2013. The
Virgin Media pre-acquisition amounts presented below are on a reported
basis for the period from January 1, 2013 to June 7, 2013 and for the
year ended December 31, 2012, as adjusted to conform to the FCF,
Adjusted FCF and OCF definitions of Liberty Global as set forth earlier.
The Virgin Media pre-acquisition amounts have been converted at the
average GBP/USD foreign exchange rate for the pre-acquisition periods in
2013 and 2012 as applicable. The combined Liberty Global/Virgin Media
results have not been prepared with a view towards complying with
Article 11 of Regulation S-X. In addition, the combined Liberty
Global/Virgin Media results are not necessarily indicative of the FCF,
Adjusted FCF and OCF that would have occurred if the Liberty
Global/Virgin Media transaction had occurred on the dates assumed for
purposes of calculating the combined results, or the FCF, Adjusted FCF
and OCF that will occur in the future. The below FCF and Adjusted FCF
table should be read in conjunction with the information included in the
footnotes to the tables on page 16.

The following table provides ARPU per customer relationship9
for the indicated periods:

Three months endedDecember 31,

%

FX-Neutral

2013

2012

Change

% Change11

Liberty Global Consolidated10

$

48.14

$

37.90

27.0

%

23.3

%

European Operations Consolidated10

€

34.56

€

27.54

25.5

%

26.2

%

U.K. (Virgin Media)

£

48.21

£

-

-

-

Germany (Unitymedia KabelBW)

€

20.79

€

19.51

6.6

%

6.6

%

Belgium (Telenet)

€

49.49

€

48.11

2.9

%

2.9

%

Other Europe

€

29.47

€

28.91

1.9

%

3.1

%

VTR

CLP

31,573

CLP

30,830

2.4

%

2.4

%

Mobile Statistics12

The following tables provide ARPU per mobile subscriber13
and mobile subscribers for the indicated periods:

ARPU per Mobile Subscriber

Three months endedDecember 31,

%

FX-Neutral

2013

2012

Change

% Change11

Liberty Global Consolidated:10

Excluding interconnect revenue

$

20.82

$

21.05

(1.1

)%

(4.4

)%

Including interconnect revenue

$

25.94

$

29.24

(11.3

)%

(14.3

)%

Mobile Subscribers

Dec. 31, 2013

Sept. 30, 2013

European Operations:

U.K. (Virgin Media)14

2,990,200

3,031,900

Germany (Unitymedia KabelBW)

239,500

196,900

Belgium (Telenet)

750,500

712,900

The Netherlands

3,000

4,700

Total Western Europe

3,983,200

3,946,400

Poland

16,500

19,000

Hungary

7,700

6,100

Total CEE

24,200

25,100

Total European Operations

4,007,400

3,971,500

VTR Wireless (Chile)

71,300

79,900

Grand Total

4,078,700

4,051,400

_________________________________

9

Average Revenue Per Unit ("ARPU") refers to the average monthly
subscription revenue per average customer relationship and is
calculated by dividing the average monthly subscription revenue
(excluding installation, late fees, interconnect and mobile services
revenue) for the indicated period, by the average of the opening and
closing balances for customer relationships for the period. Customer
relationships of entities acquired during the period are normalized.
Unless otherwise indicated, ARPU per customer relationship for the
Liberty Global Consolidated, the European Operations Division and
Other Europe are not adjusted for currency impacts. ARPU per
customer relationship amounts reported for periods ended prior to
January 1, 2013 have not been restated to reflect the April 1, 2013
change in our reporting of DSL internet and telephony RGUs in
Austria, which we no longer include in our ARPU calculations

.

10

The December 31, 2012 amounts do not include the impact of the
Virgin Media acquisition.

11

The FX-neutral change represents the percentage change on a
year-over-year basis adjusted for FX impacts and is calculated by
adjusting the prior year figures to reflect translation at the
foreign currency rates used to translate the current year amounts.

12

Please see page 7 for the definition of mobile subscriber.

13

Our ARPU per mobile subscriber calculation that excludes
interconnect revenue refers to the average monthly mobile
subscription revenue per average mobile subscribers in service and
is calculated by dividing the average monthly mobile subscription
revenue (excluding activation, handset fees and late fees) for the
indicated period, by the average of the opening and closing balances
of mobile subscribers in service for the period. Our ARPU per mobile
subscriber calculation that includes interconnect revenue increases
the numerator in the above-described calculation by the amount of
mobile interconnect revenue during the period.

14

During Q4 2013, we reduced Virgin Media's mobile subscriber count by
39,900 inactive SIM cards that were previously included in our
mobile subscriber count. The adjustment, which does not impact
revenue, consists of 31,500 postpaid mobile subscribers and 8,400
prepaid mobile subscribers.

RGUs, Customers and Bundling

The following table provides information on the breakdown of our RGUs
and customer base and highlights our customer bundling metrics at
December 31, 2013, September 30, 2013 and December 31, 2012:15

Dec. 31,

2013

Sept. 30,

2013

Dec. 31,

2012

Q4'13 / Q3'13(% Change)

Q4'13 / Q4'12(% Change)

Total RGUs

Total Video RGUs

21,787,600

21,828,400

18,308,500

(0.2

%)

19.0

%

Total Broadband Internet RGUs

14,365,000

14,094,600

9,244,300

1.9

%

55.4

%

Total Telephony RGUs

12,115,200

11,924,500

7,281,700

1.6

%

66.4

%

Liberty Global Consolidated

48,267,800

47,847,500

34,834,500

0.9

%

38.6

%

Total Customers

European Operations Division

23,024,500

23,009,000

18,373,000

0.1

%

25.3

%

VTR

1,199,800

1,193,800

1,144,400

0.5

%

4.8

%

Other

272,800

271,000

270,800

0.7

%

0.7

%

Liberty Global Consolidated

24,497,100

24,473,800

19,788,200

0.1

%

23.8

%

Total Single-Play Customers

10,646,000

10,825,000

10,727,200

(1.7

%)

(0.8

%)

Total Double-Play Customers

3,931,400

3,924,000

3,075,700

0.2

%

27.8

%

Total Triple-Play Customers

9,919,700

9,724,800

5,985,300

2.0

%

65.7

%

% Double-Play Customers

European Operations Division

15.7

%

15.7

%

15.0

%

-

4.7

%

VTR

21.1

%

20.8

%

20.7

%

1.4

%

1.9

%

Liberty Global Consolidated

16.0

%

16.0

%

15.5

%

-

3.2

%

% Triple-Play Customers

European Operations Division

40.2

%

39.4

%

29.4

%

2.0

%

36.7

%

VTR

46.3

%

46.7

%

46.1

%

(0.9

%)

0.4

%

Liberty Global Consolidated

40.5

%

39.7

%

30.2

%

2.0

%

34.1

%

RGUs per Customer Relationship

European Operations Division

1.96

1.95

1.74

0.5

%

12.6

%

VTR

2.14

2.14

2.13

-

0.5

%

Liberty Global Consolidated

1.97

1.96

1.76

0.5

%

11.9

%

__________________________________

15 The December 31, 2012 amounts do not include the impact of
the Virgin Media acquisition.

Consolidated Operating Data - December 31, 2013

Video

HomesPassed(1)

Two-wayHomesPassed(2)

CustomerRelationships(3)

TotalRGUs(4)

Analog CableSubscribers(5)

Digital CableSubscribers(6)

DTHSubscribers(7)

MMDSSubscribers(8)

TotalVideo

InternetSubscribers(9)

TelephonySubscribers(10)

European Operations Division:

U.K.

12,520,100

12,520,100

4,908,500

12,261,700

-

3,749,600

-

-

3,749,600

4,375,700

4,136,400

Germany

12,634,300

12,295,200

7,069,800

11,698,500

4,366,500

2,234,900

-

-

6,601,400

2,579,600

2,517,500

Belgium

2,893,800

2,893,800

2,092,500

4,622,400

601,100

1,491,400

-

-

2,092,500

1,464,900

1,065,000

The Netherlands(11)

2,838,600

2,825,300

1,633,900

3,683,000

523,900

1,108,100

-

-

1,632,000

1,068,100

982,900

Switzerland(11)

2,145,300

1,875,100

1,455,200

2,538,700

764,700

651,700

-

-

1,416,400

663,800

458,500

Austria

1,326,000

1,326,000

642,700

1,304,500

181,400

342,800

-

-

524,200

432,100

348,200

Ireland

859,600

748,600

533,000

1,059,700

51,100

338,300

-

38,500

427,900

338,300

293,500

Total Western Europe

35,217,700

34,484,100

18,335,600

37,168,500

6,488,700

9,916,800

-

38,500

16,444,000

10,922,500

9,802,000

Poland

2,717,700

2,616,300

1,436,600

2,673,000

387,000

848,300

-

-

1,235,300

915,900

521,800

Hungary

1,539,300

1,524,000

1,050,800

1,862,600

257,300

376,900

264,600

-

898,800

518,300

445,500

Romania

2,272,600

2,080,300

1,188,300

1,842,900

364,100

477,700

341,000

-

1,182,800

381,000

279,100

Czech Republic

1,359,400

1,257,700

725,600

1,189,000

81,600

379,200

106,800

-

567,600

440,000

181,400

Slovakia

501,200

478,300

287,600

431,200

59,100

133,000

66,500

600

259,200

109,400

62,600

Total CEE

8,390,200

7,956,600

4,688,900

7,998,700

1,149,100

2,215,100

778,900

600

4,143,700

2,364,600

1,490,400

Total Europe

43,607,900

42,440,700

23,024,500

45,167,200

7,637,800

12,131,900

778,900

39,100

20,587,700

13,287,100

11,292,400

Chile

2,927,300

2,406,100

1,199,800

2,564,800

134,800

854,600

-

-

989,400

885,700

689,700

Puerto Rico

704,600

704,600

272,800

535,800

-

210,500

-

-

210,500

192,200

133,100

Grand Total

47,239,800

45,551,400

24,497,100

48,267,800

7,772,600

13,197,000

778,900

39,100

21,787,600

14,365,000

12,115,200

Subscriber Variance Table - December 31, 2013 vs. September 30, 2013

Video

HomesPassed(1)

Two-way HomesPassed(2)

CustomerRelationships(3)

TotalRGUs(4)

Analog CableSubscribers(5)

Digital CableSubscribers(6)

DTHSubscribers(7)

MMDSSubscribers(8)

TotalVideo

InternetSubscribers(9)

TelephonySubscribers(10)

European Operations Division:

U.K.

(11,400

)

(11,400

)

15,700

31,200

-

(3,600

)

-

-

(3,600

)

39,100

(4,300

)

Germany

13,400

77,900

(1,100

)

135,500

(47,000

)

20,600

-

-

(26,400

)

88,900

73,000

Belgium

6,300

6,300

(900

)

57,800

(25,700

)

24,800

-

-

(900

)

22,800

35,900

The Netherlands(11)

5,000

5,100

(21,200

)

100

(27,900

)

6,600

-

-

(21,300

)

14,500

6,900

Switzerland(11)

16,300

13,400

(14,500

)

13,600

(44,700

)

30,700

-

-

(14,000

)

16,400

11,200

Austria

4,400

20,400

1,500

13,500

(2,900

)

1,600

-

-

(1,300

)

8,100

6,700

Ireland

(600

)

2,500

(1,700

)

19,700

(2,900

)

1,600

-

(1,700

)

(3,000

)

8,300

14,400

Total Western Europe

33,400

114,200

(22,200

)

271,400

(151,100

)

82,300

-

(1,700

)

(70,500

)

198,100

143,800

Poland

17,900

31,200

2,100

17,600

(40,800

)

25,300

-

-

(15,500

)

27,500

5,600

Romania

3,500

3,600

7,400

37,600

(10,200

)

15,100

3,000

-

7,900

11,600

18,100

Hungary

10,500

46,100

27,900

64,100

(16,800

)

21,100

23,500

-

27,800

20,100

16,200

Czech Republic

4,200

7,900

(1,700

)

1,000

3,600

(2,700

)

1,000

-

1,900

2,100

(3,000

)

Slovakia

3,500

7,400

2,000

5,600

(5,700

)

3,300

4,300

(100

)

1,800

1,900

1,900

Total CEE

39,600

96,200

37,700

125,900

(69,900

)

62,100

31,800

(100

)

23,900

63,200

38,800

Total Europe

73,000

210,400

15,500

397,300

(221,000

)

144,400

31,800

(1,800

)

(46,600

)

261,300

182,600

Chile

21,700

22,400

6,000

6,300

(5,800

)

10,100

-

-

4,300

5,000

(3,000

)

Puerto Rico

300

300

1,800

16,700

-

1,500

-

-

1,500

4,100

11,100

Grand Total

95,000

233,100

23,300

420,300

(226,800

)

156,000

31,800

(1,800

)

(40,800

)

270,400

190,700

Organic Change Summary:

Europe (excl. U.K., DE and BE)

52,800

109,800

(2,900

)

166,500

(156,200

)

102,600

31,800

(1,800

)

(23,600

)

110,500

79,600

U.K.

6,100

6,100

20,300

35,800

-

1,000

-

-

1,000

39,100

(4,300

)

Germany

13,400

77,900

(1,100

)

135,500

(47,000

)

20,600

-

-

(26,400

)

88,900

73,000

Belgium

6,300

6,300

(900

)

52,100

(31,400

)

24,800

-

-

(6,600

)

22,800

35,900

Total Europe

78,600

200,100

15,400

389,900

(234,600

)

149,000

31,800

(1,800

)

(55,600

)

261,300

184,200

Chile

21,700

22,400

6,000

6,300

(5,800

)

10,100

-

-

4,300

5,000

(3,000

)

Puerto Rico

300

300

1,800

16,700

-

1,500

-

-

1,500

4,100

11,100

Total Organic Change

100,600

222,800

23,200

412,900

(240,400

)

160,600

31,800

(1,800

)

(49,800

)

270,400

192,300

Q4 2013 Adjustments:

Acquisition - Switzerland

13,100

11,800

8,200

9,800

9,800

-

-

-

9,800

-

-

U.K. adjustments

(17,500

)

(17,500

)

(4,600

)

(4,600

)

-

(4,600

)

-

-

(4,600

)

-

-

Belgium adjustments

-

-

-

5,700

5,700

-

-

-

5,700

-

-

Austria adjustments

-

16,000

(1,600

)

(1,600

)

-

-

-

-

-

-

(1,600

)

Poland adjustments

(1,200

)

-

(1,900

)

(1,900

)

(1,900

)

-

-

-

(1,900

)

-

-

Net Adjustments

(5,600

)

10,300

100

7,400

13,600

(4,600

)

-

-

9,000

-

(1,600

)

Net Adds (Reductions)

95,000

233,100

23,300

420,300

(226,800

)

156,000

31,800

(1,800

)

(40,800

)

270,400

190,700

Footnotes for Operating Data and Subscriber
Variance Tables

(1)

Homes Passed are homes, residential multiple dwelling units or
commercial units that can be connected to our networks without
materially extending the distribution plant, except for DTH and
Multi-channel Multipoint ("microwave") Distribution System ("MMDS")
homes. Our Homes Passed counts are based on census data that can
change based on either revisions to the data or from new census
results. We do not count homes passed for DTH. With respect to MMDS,
one MMDS customer is equal to one Home Passed. Due to the fact that
we do not own the partner networks (defined below) used in
Switzerland and the Netherlands (see note 11) we do not report homes
passed for Switzerland's and the Netherlands' partner networks.

(2)

Two-way Homes Passed are Homes Passed by those sections of our
networks that are technologically capable of providing two-way
services, including video, internet and telephony services.

(3)

Customer Relationships are the number of customers who receive at
least one of our video, internet or telephony services that we count
as Revenue Generating Units ("RGUs"), without regard to which or to
how many services they subscribe. To the extent that RGU counts
include equivalent billing unit ("EBU") adjustments, we reflect
corresponding adjustments to our Customer Relationship counts. For
further information regarding our EBU calculation, see Additional
General Notes to Tables. Customer Relationships generally are
counted on a unique premises basis. Accordingly, if an individual
receives our services in two premises (e.g., a primary home and a
vacation home), that individual generally will count as two Customer
Relationships. We exclude mobile customers from Customer
Relationships. For Belgium, Customer Relationships only include
customers who subscribe to an analog or digital cable service due to
billing system limitations.

(4)

Revenue Generating Unit is separately an Analog Cable Subscriber,
Digital Cable Subscriber, DTH Subscriber, MMDS Subscriber, Internet
Subscriber or Telephony Subscriber. A home, residential multiple
dwelling unit, or commercial unit may contain one or more RGUs. For
example, if a residential customer in our Austrian system subscribed
to our digital cable service, telephony service and broadband
internet service, the customer would constitute three RGUs. Total
RGUs is the sum of Analog Cable, Digital Cable, DTH, MMDS, Internet
and Telephony Subscribers. RGUs generally are counted on a unique
premises basis such that a given premises does not count as more
than one RGU for any given service. On the other hand, if an
individual receives one of our services in two premises (e.g. a
primary home and a vacation home), that individual will count as two
RGUs for that service. Each bundled cable, internet or telephony
service is counted as a separate RGU regardless of the nature of any
bundling discount or promotion. Non-paying subscribers are counted
as subscribers during their free promotional service period. Some of
these subscribers may choose to disconnect after their free service
period. Services offered without charge on a long-term basis (e.g.,
VIP subscribers, free service to employees) generally are not
counted as RGUs. We do not include subscriptions to mobile services
in our externally reported RGU counts. In this regard, our December
31, 2013 RGU counts exclude our separately reported postpaid and
prepaid mobile subscribers in the U.K., Belgium, Germany, Chile,
Poland, Hungary and the Netherlands of 2,990,200, 750,500, 239,500,
71,300, 16,500, 7,700 and 3,000, respectively. Our mobile subscriber
count represents the number of active SIM cards in service

.

(5)

Analog Cable Subscriber is a home, residential multiple dwelling
unit or commercial unit that receives our analog cable service over
our broadband network. Our Analog Cable Subscriber counts also
include subscribers who may use a purchased set-top box or other
means to receive our basic digital cable channels without
subscribing to any services that would require the payment of
recurring monthly fees in addition to the basic analog service fee
("Basic Digital Cable Subscriber"). Our Basic Digital Cable
Subscribers are attributable to the fact that our basic digital
cable channels are not encrypted in certain portions of our
footprint and the use of purchased digital set-top boxes in Belgium.
In Europe, we have approximately 108,100 "lifeline" customers that
are counted on a per connection basis, representing the least
expensive regulated tier of video cable service, with only a few
channels.

(6)

Digital Cable Subscriber is a home, residential multiple dwelling
unit or commercial unit that receives our digital cable service over
our broadband network or through a partner network. We count a
subscriber with one or more digital converter boxes that receives
our digital cable service in one premises as just one subscriber. A
Digital Cable Subscriber is not counted as an Analog Cable
Subscriber. As we migrate customers from analog to digital cable
services, we report a decrease in our Analog Cable Subscribers equal
to the increase in our Digital Cable Subscribers. As discussed in
further detail in note 5 above, Basic Digital Cable Subscribers are
not included in the respective Digital Cable Subscriber counts.
Subscribers to digital cable services provided by our operations in
Switzerland and the Netherlands over partner networks receive analog
cable services from the partner networks as opposed to our
operations.

Internet Subscriber is a home, residential multiple dwelling unit or
commercial unit that receives internet services over our networks,
or that we service through a partner network. Our Internet
Subscribers exclude 134,800 asymmetric digital subscriber line
("ADSL") subscribers within our U.K. segment and 73,800 digital
subscriber line ("DSL") subscribers within our Austria segment that
are not serviced over our networks. Our Internet Subscribers do not
include customers that receive services from dial-up connections. In
Switzerland, we offer a 2 Mbps internet service to our Analog and
Digital Cable Subscribers without an incremental recurring fee. Our
Internet Subscribers in Switzerland include 27,600 subscribers who
have requested and received a modem that enables the receipt of this
2 Mbps internet service.

(10)

Telephony Subscriber is a home, residential multiple dwelling unit
or commercial unit that receives voice services over our networks,
or that we service through a partner network. Telephony Subscribers
exclude mobile telephony subscribers. Our Telephony Subscribers
exclude 94,800 and 53,700 subscribers within our segments in the
U.K. and Austria, respectively, that are not serviced over our
networks.

(11)

Pursuant to service agreements, Switzerland and, to a much lesser
extent, the Netherlands offer digital cable, broadband internet and
telephony services over networks owned by third-party cable
operators ("partner networks"). A partner network RGU is only
recognized if there is a direct billing relationship with the
customer. At December 31, 2013, Switzerland's partner networks
account for 131,700 Customer Relationships, 261,500 RGUs, 98,200
Digital Cable Subscribers, 95,200 Internet Subscribers, and 68,100
Telephony Subscribers.

Additional General Notes to Tables:

All of our broadband communications subsidiaries provide telephony,
broadband internet, data, video or other B2B services. Certain of our
B2B revenue is derived from small or home office ("SOHO") subscribers
that pay a premium price to receive enhanced service levels along with
video, internet or telephony services that are the same or similar to
the mass marketed products offered to our residential subscribers. All
mass marketed products provided to SOHOs, whether or not accompanied by
enhanced service levels and/or premium prices, are included in the
respective RGU and customer counts of our broadband communications
operations, with only those services provided at premium prices
considered to be "SOHO RGUs" or "SOHO customers." With the exception of
our B2B SOHO subscribers, we generally do not count customers of B2B
services as customers or RGUs for external reporting purposes.

Certain of our residential and commercial RGUs are counted on an EBU
basis, including residential multiple dwelling units and commercial
establishments, such as bars, hotels and hospitals, in Chile and Puerto
Rico and certain commercial establishments in Europe (with the exception
of Germany and Belgium, where we do not count any RGUs on an EBU
basis). Our EBUs are generally calculated by dividing the bulk price
charged to accounts in an area by the most prevalent price charged to
non-bulk residential customers in that market for the comparable tier of
service. As such, we may experience variances in our EBU counts solely
as a result of changes in rates. In Germany, homes passed reflect the
footprint and two-way homes passed reflect the technological capability
of our network up to the street cabinet, with drops from the street
cabinet to the building generally added, and in-home wiring generally
upgraded, on an as needed or success-based basis. In Belgium, Telenet
leases a portion of its network under a long-term capital lease
arrangement. These tables include operating statistics for Telenet's
owned and leased networks.

While we take appropriate steps to ensure that subscriber statistics are
presented on a consistent and accurate basis at any given balance sheet
date, the variability from country to country in (i) the nature and
pricing of products and services, (ii) the distribution platform, (iii)
billing systems, (iv) bad debt collection experience and (v) other
factors add complexity to the subscriber counting process. We
periodically review our subscriber counting policies and underlying
systems to improve the accuracy and consistency of the data reported on
a prospective basis. Accordingly, we may from time to time make
appropriate adjustments to our subscriber statistics based on those
reviews.

Subscriber information for acquired entities is preliminary and subject
to adjustment until we have completed our review of such information and
determined that it is presented in accordance with our policies.